Allotment of placement shares is on the 15th, but considering it...

Allotment of placement shares is on the 15th, but considering it is to institutional investors, I wouldn't necessarily see the price going straight down to $1.20. If the placement were to 'sophisticated' retail investors, I think it would be more likely. Retail guys will often dump straight away for a quick profit for lunch money, but insto's are usually in for more of a longer haul.

Anyway, according to the last annual report (30 September 2011), there were 6,451 Australian shareholders. (Can't see any mention of New Zealand shareholders, who are also eligible)

6,451 * $15,000 = $96,765,000

so expect a fair scaleback on $15,000,000, if the price were to rise.